Cardinal Capital Management Buys 6,867 Shares of 3M (NYSE:MMM)

Cardinal Capital Management lifted its position in 3M (NYSE:MMM) by 16.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 47,749 shares of the conglomerate’s stock after purchasing an additional 6,867 shares during the quarter. Cardinal Capital Management’s holdings in 3M were worth $5,065,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MMM. Wealthcare Advisory Partners LLC grew its position in 3M by 20.7% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock worth $1,696,000 after acquiring an additional 2,741 shares during the last quarter. G&S Capital LLC increased its stake in shares of 3M by 6.3% in the first quarter. G&S Capital LLC now owns 10,499 shares of the conglomerate’s stock valued at $1,114,000 after buying an additional 625 shares in the last quarter. Gilman Hill Asset Management LLC raised its holdings in shares of 3M by 2.0% in the first quarter. Gilman Hill Asset Management LLC now owns 89,277 shares of the conglomerate’s stock valued at $9,470,000 after buying an additional 1,727 shares during the last quarter. Riverview Trust Co acquired a new position in 3M during the 1st quarter worth about $173,000. Finally, Unison Advisors LLC grew its holdings in 3M by 2.1% during the 1st quarter. Unison Advisors LLC now owns 22,335 shares of the conglomerate’s stock worth $2,369,000 after acquiring an additional 452 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on MMM. Bank of America raised 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $105.00 to $120.00 in a report on Friday, June 7th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. Royal Bank of Canada upped their target price on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. UBS Group lifted their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $91.13 to $115.00 in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $111.58.

3M Stock Up 1.7 %

Shares of 3M stock traded up $1.72 during trading hours on Thursday, reaching $103.17. 4,297,055 shares of the company’s stock were exchanged, compared to its average volume of 5,522,501. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The company has a 50 day moving average of $98.80 and a two-hundred day moving average of $99.26. The stock has a market cap of $57.09 billion, a P/E ratio of -8.12, a P/E/G ratio of 1.92 and a beta of 0.96. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period last year, the company earned $1.97 earnings per share. On average, sell-side analysts forecast that 3M will post 7.09 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.